What a way to surge to a fresh record high point. Technology (XLK) continues to lead the way as if the nation just woke up to the Artificial Intelligence (AI) craze yesterday. This is an extreme Fear of Missing Out (FOMO).  

Market Breadth

The larger (green) boxes on the Heat Map say it all. Not only was there a little bit of red, but it was also in sectors and names with the least influence.

Interestingly, decliners dwarfed weekly advances, especially on the NASDAQ Composite, which incidentally saw significantly more new lows than new highs.

Even on Friday, which had a Mardis Gras feel, there were more new lows than new highs.

The NASDAQ Composite broke out and could move higher in the near-term based on the Relative Strength Index (RSI) and rate of change.

Worry When They Stop Worrying

Valuation metrics aren’t as important to the Street generally, but they are useful tools. So, when I saw a headline to ignore them, my first thought was – here we go again?

Today’s Session

The markets are off to the races yet again with Technology leading the way.  Oil is relatively flat this morning with WTI at $73.5 a barrel after Libya resumed production of one of its largest fields. 

On the economic front, we will hear more on economy at 10am with the Leading Economic Indicator (LEI) report is released.